How can SSY calculator help you?
Many parents invest in their daughter's future, especially for education and marriage expenses. Sukanya Samriddhi Yojana (SSY) is a popular choice due to its high interest rates and tax benefits. Under Section 80C of the Income Tax Act, you can claim up to Rs 1.5 lakh as a tax exemption for Sukanya Samriddhi Yojana contributions. The interest income is also tax-exempt, and the maturity amount receives tax benefits.
To calculate the maturity amount, the SSY calculator is a handy tool. It simplifies the process, eliminating manual errors. You can adjust contributions to meet your desired savings goal. This free tool offers precise results for multiple scenarios.
Sukanya Samriddhi Yojana is a long-term investment with a minimum annual contribution requirement to keep the account active. Using an online Sukanya Samriddhi calculator provides an overview of your investments and returns.
Key benefits include:
- Reveals your Sukanya Samriddhi Yojana account's maturity year.
- Displays the maturity amount you will receive.
- Assists in effective investment portfolio planning.
How does the Sukanya Samriddhi Yojana (SSY) calculator work?
The maturity period for this amount is 21 years. It is crucial to note that for the first 14 years, you must make at least one contribution annually to maintain the scheme's active status.
Should you choose not to contribute to your Sukanya Samriddhi Yojana account between the 15th and 21st year, that is perfectly acceptable. Your prior deposits will continue to accrue interest at the prevailing rate. The ultimate amount you will receive is determined by your total contributions and the accumulated interest.
The Sukanya Yojana calculator employs this formula to provide you with results:
A = P (1 + r/n) ^ nt
Where:
A
|
Total amount with interest
|
P
|
Initial amount
|
r
|
Interest rate
|
n
|
Number of times interest is compounded per year
|
t
|
Number of years
|
Example
SSY Calculator Example
Imagine someone deposits Rs. 1.5 lakh every year for 15 years into an SSY account earning an 8% annual interest rate. We want to find the total amount available after 21 years (maturity).
Deposits and Interest:
Interest earned during contribution period (years 1-15):
This can be calculated manually using spreadsheets, but for this example, let's assume the accumulated interest after 15 years is Rs. 43.98 lakh.
Maturity and final amount:
The magic of compound interest
The table shows how the account balance increases year after year. You can see how interest grows on the growing balance.
Year
|
Opening Balance (in Rs.)
|
Deposit (in Rs.)
|
Interest (in Rs.)
|
Closing Balance (in Rs.)
|
1
|
0
|
1,50,000
|
11,400
|
1,61,400
|
2
|
1,61,400
|
1,50,000
|
23,666
|
3,35,066.4
|
3
|
3,35,066.4
|
1,50,000
|
36,865
|
5,21,931
|
4
|
5,21,931
|
1,50,000
|
51,067
|
7,22,998
|
5
|
7,22,998
|
1,50,000
|
66,348
|
9,39,346
|
6
|
9,39,346
|
1,50,000
|
82,790
|
11,72,136
|
7
|
11,72,136
|
1,50,000
|
1,00,482
|
14,22,619
|
8
|
14,22,619
|
1,50,000
|
1,19,519
|
16,92,138
|
9
|
16,92,138
|
1,50,000
|
1,40,002
|
19,82,140
|
10
|
19,82,140
|
1,50,000
|
1,62,043
|
22,94,183
|
11
|
22,94,183
|
1,50,000
|
1,85,758
|
26,29,941
|
12
|
26,29,941
|
1,50,000
|
2,11,276
|
29,91,216
|
13
|
29,91,216
|
1,50,000
|
2,38,732
|
33,79,949
|
14
|
33,79,949
|
1,50,000
|
2,68,276
|
37,98,225
|
15
|
37,98,225
|
1,50,000
|
3,00,065
|
42,48,290
|
16
|
42,48,290
|
0
|
3,22,870
|
45,71,160
|
17
|
45,71,160
|
0
|
3,47,408
|
49,18,568
|
18
|
49,18,568
|
0
|
3,73,811
|
52,92,379
|
19
|
52,92,379
|
0
|
4,02,221
|
56,94,600
|
20
|
56,94,600
|
0
|
4,32,790
|
61,27,390
|
21
|
61,27,390
|
0
|
4,65,682
|
65,93,071
|
Key points:
- After 15 years of contributions (Year 15), the balance is Rs. 42.48 lakh (including interest).
- By maturity (Year 21), the final amount reaches Rs. 65.93 lakh due to continued interest accumulation.
Takeaway:
SSY offers attractive returns due to the high interest rate and the benefit of compound interest. Even after stopping contributions, the account continues to grow, making it a great savings option for a girl child's future.
How to use Bajaj Finance Sukanya Samriddhi Yojana Calculator (SSY) Online?
It is quite simple to use the Bajaj Finance Sukanya Samriddhi Yojana (SSY) calculator.
Just follow these steps:
- Enter the “Yearly Investment (in rupees)”.
- Enter the “Start Year”.
And that’s it!
The calculator will provide an estimate of the total value of your investment at maturity, the total interest earned and the maturity year of your investment.
Advantages of using Bajaj Finance Sukanya Samriddhi Scheme calculator
There are several benefits of using the Bajaj Finance Sukanya Samriddhi Yojana online calculator:
1. Free and user-friendly
The Bajaj Finance Sukanya Yojana calculator is free to use and can provide error-free results for multiple scenarios.
2. Instant results
It generates results within seconds, providing quick answers to your investment queries.
3. Online accessibility
The tool is available online on the Bajaj Finance platform.
4. Unlimited usage
You can use the Sukanya Samriddhi calculator as many times as you need to make different calculations.
5. Current interest rates
Calculations are based on the current Sukanya Samriddhi Yojana interest rates, eliminating the need to manually enter interest rates.
6. Updated information
The Sukanya Samriddhi Yojana (SSY) Calculator is always up to date, reflecting any changes in the scheme that may affect your investment calculations.
7. Device compatibility
The tool works efficiently on all types of devices, making it accessible to everyone.
The Bajaj Finance Sukanya Samriddhi Yojana (SSY) calculator helps you determine the annual investment you can comfortably make. Opening an Sukanya Samriddhi Yojana account is a smart way to secure your child's future against expenses like higher education.
How can I use the corpus accumulated from Sukanya Samriddhi Yojana contributions?
Upon maturity of the Sukanya Samriddhi Yojana, the girl child can withdraw the entire saved amount. This requires specific documents: a withdrawal application, proof of identity, valid address, and citizenship.
The withdrawn funds can be used for the girl's higher education, but there are conditions. She must have completed the 10th standard and be at least 18 years old. The money is for educational fees and admission charges, and proof is needed, such as university admission documents and fee receipts.
For early withdrawals for marriage expenses, the girl must be 18 or older and provide an affidavit confirming her adult status.